AUSTRALIA

Fintech / Regtech

Regulatory Trends: Behavioural Science in Culture & Conduct Supervision

By Stephen Scott | 15/08/2019

Regulators are adopting behavioural science tools pioneered by the Dutch central bank in their supervisory efforts, and firms are taking notice, says Stephen Scott at Starling.

Market Infrastructure

RBNZ Publishes New Data Series for Measuring Mortgage Risk

By Editors | 14/08/2019

The release of the new debt-to-income data comes as the government considers including it as an additional tool in the RBNZ’s macro-prudential toolkit.

Enforcement

ASIC Ordered to Pay Westpac Costs in Case Dismissal

By Manesh Samtani | 14/08/2019

In September, Westpac admitted to breaching responsible lending laws and agreed to a A$35mn settlement with ASIC. The settlement was rejected and the case has been dismissed.

ESG / Sustainability

ASIC Updates Guidance on Climate Risk Disclosures

By Editors | 13/08/2019

The new guidance describes climate change as a “systemic risk that could have a material impact on the future financial position, performance or prospects of entities”.

AML / KYC

Australia Records Decline in Payment Fraud Rates

By Editors | 09/08/2019

AusPayNet’s latest data shows a decline in the overall rate of card fraud for 2018, alongside slower growth in online fraud.

Enforcement

APRA Fines Westpac A$1.5mn for Late EFS Reporting

By Editors | 09/08/2019

Westpac and two of its subsidiaries were late in filing monthly and quarterly reports for APRA’s Economic and Financial Statistics programme.

Enforcement

ASIC Proposes Regulatory Guide on Whistleblower Policies

By Editors | 08/08/2019

Companies have to implement a whistleblower policy by January 2020. ASIC’s guidance explains how they should be established, implemented and maintained.

Market Infrastructure

ASX Finalises Updated Guidance for Clearing, Settlement Participants

By Editors | 08/08/2019

ASX has finalised its updated guidance for clearing and settlement participants on their business continuity, disaster recovery and cyber resilience arrangements.

Enforcement

Westpac NZ Refunds 93,000 Customers for Incorrectly Charged Fees

By Editors | 07/08/2019

Westpac self-reported the incorrectly charged fees in December 2017, and has already completed a significant part of the work to reach and refund impacted customers.